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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 99,584 $ 61,323
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,508 21,535
Operating lease cost 44,776  
Share-based compensation 11,020 9,320
Other non-cash items (688) 6,076
Changes in operating assets and liabilities:    
Accounts receivable, net of allowances (30,619) (37,394)
Inventories (17,178) 4,468
Prepaid expenses and other assets (3,501) 5,271
Accounts payable, accrued expenses and other liabilities 1,955 15,271
Operating lease liabilities (49,668)  
Cash provided by operating activities 73,189 85,870
Cash flows from investing activities:    
Purchases of property, equipment, and software (32,852) (5,224)
Proceeds from disposal of property and equipment 302 1,325
Cash used in investing activities (32,550) (3,899)
Cash flows from financing activities:    
Proceeds from bank borrowings 310,000 0
Repayments of bank borrowings (245,000) (680)
Dividends—Series A convertible preferred stock [1] (2,985) (9,000)
Repurchases of common stock (133,475) (37,046)
Other (3,275) 31
Cash used in financing activities (74,735) (46,695)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,299) (5,133)
Net change in cash, cash equivalents, and restricted cash (36,395) 30,143
Cash, cash equivalents, and restricted cash—beginning of period 127,530 177,055
Cash, cash equivalents, and restricted cash—end of period $ 91,135 $ 207,198
[1] Represents $3.0 million paid to induce conversion of Series A Convertible Preferred Stock to common stock for the nine months ended September 30, 2019 and $9.0 million paid in Series A Convertible Preferred Stock cash dividends for the nine months ended September 30, 2018.